A review of the new public blockchain——Decred-Next

The POW/POS hybrid consensus mechanism + EVM compatibility is the recipe for a prosperous ecosystem

Although they suffer from a loss of market interest, bear times are also perfect chances for premium projects to build up a new price support level, but probably lower than during bull runs. Bears are also periods when the next big things are ready to give the market another round of mania. When the noise clears, we can focus on exploring business cases that attract more attention. After all, hundred billion dollar sectors like Ethereum, Layer-2 and Defi were all born in bear markets. Therefore, we must be most attentive to projects that are actively developing new technologies that promise to rise to a new peak during the next bull run.

POW/POS hybrid consensus mechanism + EVM compatibility for a prosperous ecosystem = a public supernova blockchain

Every time after a bear run, a new public blockchain stands out. Not long ago we found the once influential Decred community experiencing a hark fork, following the change in consensus subsidy sharing. Unhappy with the change, many of the core community participants and developers who made huge contributions to DCR’s building, technological development and operations decided to continue with the project’s initial cause. On the one hand, they felt sorry for the once spectacular project which was steadily going downhill. On the other hand, they still have the project’s original vision and mission. Therefore, people from all over the world decided to start the next journey, by hacking Decred to create Decred-Next (DCRN).

• Over 85% of voters supported a hard-fork in the Community vote at the end of May.
• In June, after several rounds of discussions and technology iterations, the DCRN team completed the hard fork, preserving the original 60/30/10 hybrid consensus and its fine qualities of high security, strong adaptability, and sustainability.
• In July, DCRN listed on io and saw its price skyrocket by 550% on listing day, making its total market capitalization exceed DCR at one point. This means that DCRN was well received by the market and proved the success of this hard fork.

Decred-Next owns its successful kickstart as a new public blockchain to the following:

1. New possibilities from a PoW/PoS hybrid consensus scheme

The consensus mechanism is one of the core competencies of new public blockchains. The PoW/PoS hybrid that Decred-Next inherited from Derced has stood the test of time and proven its security and reliability, giving it an edge over new public chains like Solana and Avalanche, popular for their consensus innovations.

Also, many new public chains usually adopt some variant of PoS, which in itself is a double-edged sword. PoS and PoS projects, such as failed projects like EOS, were once criticized by many as too “centralized”. Paradoxically, PoW is difficult to scale. Many people thus want to get the best of both worlds. They want the efficiency of PoS, while not giving up the reliability of PoW.

2. EVM compatibility to embrace the largest crypto ecosystem

According to the roadmap published by the Decred-Next community, the project plans to implement EVM, sharing, OmniLayer and other features. In other words, on top of the guarantee of a robust consensus mechanism, it will pack more power with EVM compatibility and such scaling solutions as sharding and tiering.

It is quite easy to understand compatibility with Ethereum. Many public chains have tried and failed to be an “Ethereum killer”. Such challengers have only made Ethereum stronger. Therefore, a wiser choice is to implement compatibility with the Ethereum ecosystem to achieve two-way bridges, and attract the treasury of Eth-based developers and users to build on DCRN, which will turbocharge the latter’s growth and path to success. Sharing and layering are just natural choices for scalability.

3. New Path of Decred-Next

Decred’s goal was to become “a better digital gold,” and it has actually achieved some with its hybrid consensus and governance innovations. Nevertheless, due to the solid consensus of Bitcoin, it was hardly possible for Decred to challenge its status. The team and society thus entered a period of dormancy. In contrast, instead of limiting itself to “digital gold”, Decred-Next will seek to become “digital oil” to bring Web3 and Metaverse’s infrastructure supported by a better consensus mechanism and more complete community governance.

How to participate: ultra-high PoS return on investment and PoW dividend

In less than 2 months after the hard fork, DCRN has completed the two milestones of reshaping its technical roadmap and listing on exchanges, a testament to the strong execution of the team. Their new technical roadmap is solid, with sharding for efficiency improvement and EVM compatibility being critical steps contributing to its growth as a public blockchain. The icing on the cake is that they have used a predictable timetable for concrete implementation. Even better, DCRN’s unique hybrid subsidy sharing gives users two ways to harvest high yields at extremely low costs.

1. POS Bet: APY as high as 1700%

You should be no stranger to POS staking. As a hard fork of DCR, DCRN inherited its hybrid subsidy sharing mechanism. In DCRN, miners aggregate transactions to produce a block, which will then be validated and confirmed by 5 randomly generated tickets from the PoS stake pool. Since DCRN is still new, almost all actors come from the DCR community. With only a small number of stakers, DCRN offers 100x stake payout compared to DCR. In other words, players currently enjoy up to 1700% APY, or around 33% weekly returns.

Staking guideline: DCRN Staking guideline

2. POW mining: a new life for Blake256 miners

In addition to PoS staking, if you own a Blake256 miner or mined in DCR before, give yourself a round of applause! As DCRN gains more and more attention, DRCN miners will be able to access Antpool soon, which represents another alternative to the official mining pool. Currently, due to the indifference of the DCR team and the override of the classic hybrid consensus model, DCR’s price has fallen to a level where miners are forced to shut down Blake256 to avoid losing money. The total computing power of DCR now hovers around 30% of peak level. However, the listing of DCRN allows Blake256 miners to regain their confidence. In less than 1 month, DCRN’s computing power has grown from 0 to around 60P, or about 80% of DCR’s computing power, while providing almost 100x more profit for DCRN miners than those operating DCR. We can thus conclude that PoW mining is another way to enjoy early-mover advantages.

Mining pool: official mining pool

For new asset types, wild price fluctuations are only to be expected. Blockchain technology is reshaping every aspect of people’s digital lives. It helps developing countries provide inclusive finance and justice, spurs innovations in finance and cryptography, and catapults the internet industry into a new phase of decentralization. As investors and participants in the industry, we have a natural advantage to explore upcoming and special projects in the bear market to take advantage of the benefits of budding premium projects.